If you're like many home buyers, you don't have the money available to buy a home outright. To purchase your home, you'll
need to obtain a mortgage.

Before you take those first exciting steps toward applying for a mortgage, spend a few minutes reviewing the following
topics:

Qualifying for a Mortgage

What makes someone a good candidate for mortgage qualification? Lenders take into account your down payment and
your income:

  • Your Down Payment
    The down payment is that portion of the purchase price you furnish yourself. The balance is obtained from a
    financial institution in the form of a mortgage. The amount of the down payment (which represents your financial
    stake, or the equity in your new home) should be determined well before you start house hunting.

  • Your Income
    When determining your income, lenders look at two ratios:

  • Gross Debt Service (GDS) Ratio. No more than 30% to 32% of your gross annual income should go to
    "mortgage expenses"-principal, interest, property taxes and heating costs (plus maintenance fees for
    condo mortgages).

  • Total Debt Service (TDS) Ratio. TDS evaluates the gross annual income needed for all debt payments-
    house, credit cards, personal loans and car loan. Depending on the lender, TDS payments should not
    exceed 37% to 40% of your gross annual income. The combined incomes for you and your spouse are
    usually considered when determining this ratio.

Armed with this information, you can crunch your own numbers before applying for a mortgage. Or, your lender can do it
for you.



Calculate your monthly payment:
RE/MAX Niagara Realty Ltd., Brokerage
Sales Representative
905-356-9600
RE/MAX Market Share in Niagara Falls
For more information on first time home buying,
please visit  Canada Mortgage and Housing
Corporations (CMHC)  website by clicking here.
©Copyright 2005-2008 Dan Djurkovic. All Rights Reserved.
Financing
Qualifying for a Mortgage
About Dan Djurkovic
With over 14 years experience as an active real
estate investor, and serving as President and
Chairman of the Board of Niagara Capital
Investments, Dan now offers his business
expertise strategies to investors and the general
public.

RE/MAX 100% Club
Donald "Trump Towers" representative
Top negotiator
Active real estate investor
Conventional and Internet Marketing
Business Administration
Corporate Acquisitions and Mergers

Whether you are buying or selling, professional representation and personalized marketing
strategy implementation are a key to a successful
trade.
Featured on TV Megasound
"Real Estate Investing"
Beacon Mortgages  905-646-8233
    14 Main Street , St Catharines , ON L2N 4T4

Beat The Bank Mortgage.ca  905-357-5366
    6530 Lundy's Lane , Niagara Falls , ON L2G 1T6

Caisse Populaire Welland 905-356-8150
    6700 Morrison Street , Niagara Falls , ON L2E 6Z8

Fundinglinx 905-357-4034
    7868 Oakwood Drive , Niagara Falls , ON L2E 6S5

Golden Gate Mortgages Corp 905-682-0111
    9 Court Street , St Catharines , ON L2R 4R3

HSBC Finance 905-354-3304
    14-3714 Portage Road , Niagara Falls ON L2J 2K9

Meridian Credit Union
    1-866-592-2226
Financing

The following is a list of financial institutions and mortgage lenders in Niagara Falls:
Mortgage Alliance 905-356-5363
    4300 Drummond Road , Niagara Falls , ON L2E 6C3

Mortgage Alliance 905-935-7272
    12 Church Street , St Catharines ,ON L2R 3B3

Mortgage Intelligence Steve Somerville 905-295-2440
    3820 Main Street , Niagara Falls ON L2G 6B2

Mortgage Shopper The  905-354-2458
    4300 Drummond Road , Niagara Falls , ON L2E 6C3

Niagara Regional Mortgage Services Inc 905-371-1338
    ON

Van Hemmen Peter 905-354-3829
    4917 Victoria Avenue , Niagara Falls , ON L2E 4C7
Useful Community Information
Your guide to Niagara Falls Ontario
Real Estate Related
Call Dan for any additional
info you may need 905-356-9600